North Carolina Down Payment Support Systems
Online Payments - These systems will be the Mortgage Credit Certificate and also the Down Payment Assistance System.
You purchase a house between January 1, 2009 and December 1, 2009 and if you meet the requirements for one of those plans, you may also qualify for the $8,000 tax credit only enacted into law.
First, who's a first-time Home Buyer? A first-time Home Buyer is someone who hasn't owned a home in the past three years. This is the exact same qualifying definition for the $8,000 tax credit.
What is a Mortgage Credit Certificate and Who Qualifies?
A Mortgage Credit Certificate (MCC) is a federal tax credit to assist home buyers with low and average incomes.
You can claim 20% of the interest you pay as a credit in your federal income taxes, if you qualify for the MCC. You are able to save around .
If you do qualify for 2009, for the MCC, you'll manage to combine this. This would reduce a buyer's tax liability .
Who Qualifies for an MCC?
Who qualifies for an MCC is based on your own income along with the price of the property you're buying. Household income is defined as the “gross income of the mortgagor and any individual expected to reside in the home who is 18 years old or older.”
House price limitations Durham and Chatham Counties and the income are listed below.
MCC Income Limitations 1 Individual $61,500 2 Individuals $61,500 3 Persons $70,500 4 Men $70,500
MCC Sales Price Limits New House $220,000 Existing House $210,000
Who Qualifies for Down Payment Assistance?
The purchaser just needs to pay and the load would pay as much as .
This plan has more rigorous income limits than the MCC plan summarized above. Like the MCC program, it might be used in conjunction with all the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The deposit help, nonetheless, can not be employed in conjunction with the MCC. This really is an either or situation.
House price limitations that apply in Durham Orange and Chatham Counties and the income are listed below.
Down Payment Assistance Income Limits
1 Person $39,950 2 Persons $45,650 3 Men $51,350 4 Persons $57,050
Down Payment Assistance Sales Cost Limits New Dwelling $210,000 Existing Residence $210,000